- Petrochem shares boost Saudi market
- Finance weighs on the United Arab Emirates
- ADNOC Drilling Raises Over $ 1.1 Billion On IPO
- Qatar ends three-day win
Sept. 27 (Reuters) – Most of the major Gulf stock markets ended lower on Monday, while petrochemical stocks supported the Saudi stock market amid rising oil prices.
Oil prices rose on Monday, with Brent reaching its highest since October 2018 and heading towards $ 80 due to supply issues as demand picks up in parts of the world with the easing of pandemic restrictions. Read more
GCC stock markets opened in different directions as the impact of rising oil prices and global economic concerns were not the same across the board. Some markets more exposed to a global economic downturn are still experiencing price corrections as investors weigh in on the possible consequences, said Wael Makarem, senior market strategist at Exness.
Saudi Arabia’s benchmark (.TASI) edged up 0.1%, with fertilizer maker SABIC Agri-Nutrients (2020.SE) rising 6.7% and parent company Saudi Basic Industries (2010.SE), increasing by 2.2%.
The Abu Dhabi Index (.ADI) fell 0.3%, under pressure from bank stocks, as market heavyweights First Abu Dhabi Bank (FAB.AD) and Abu Dhabi Commercial Bank (ADCB. AD) fell by 0.7% and 0.6% respectively.
State-owned oil giant Abu Dhabi National Oil Co (ADNOC) completed book-building for ADNOC Drilling’s Initial Public Offering (IPO), raising more than $ 1.1 billion. Read more
This is the second IPO of a company owned by the Abu Dhabi oil major after listing in 2017 of ADNOC Distribution (ADNOCDIST.AD), whose shares were up 0.7%.
The Dubai Index (.DFMGI) fell 0.5%, extending losses for the third day in a row as stocks were hit by a 1.8% drop from Dubai’s largest lender, Emirates NBD Bank ( ENBD.DU), and a 2.2% decline in the courier company. Aramex (ARMX.DU).
The Qatari index (.QSI), however, ended flat, ending three consecutive sessions of gains. Sharia-compliant lender Masraf Al Rayan (MARK.QA) fell 0.3%, while Qatar Gas Transport Nakilat (QGTS.QA) rose 0.7%.
Outside the Gulf, the blue-chip Egyptian index (.EGX30) fell 1.4% as 27 of the index’s 30 stocks were in negative territory, including the electronic payment platform Fawry Banking and Payment Technology Services (FWRY.CA), which was down 4.8%.
Egypt’s central bank on Sunday approved the granting of licenses allowing merchants to accept contactless payments from their customers’ cell phones. Read more
The Egyptian stock market opened lower after some hikes as concerns about the global economic slowdown return to the table and risk aversion among international investors increases. International investors were net sellers today on the Egyptian stock exchange, said Wael Makarem, senior market strategist at Exness.
($ 1 = 3.6415 Qatari rials)
($ 1 = 3.7511 riyals)
($ 1 = 3.6728 UAE dirhams)
Reporting by Shamsuddin Mohd in Bangalore; Editing by Steve Orlofsky
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